過去十年間，台灣企業董事會的性別組成逐漸呈現多元化趨勢，女性董事的比例亦穩定上升。近年來亦有許多相關政策逐步推動性別平權納入企業治理評鑑，促使更多公司引進女性董事。然而，女性董事對企業價值的實際影響，是否具有穩定性？是否會因總體經濟環境變動而產生差異？實務與學術上皆尚未形成明確共識。
本研究旨在探討女性董事比率對公司價值之影響，並進一步檢驗此影響是否受到景氣循環階段的調節作用。過去文獻多聚焦於女性董事與公司價值間的關聯，然對於該關聯於總體經濟狀況不同下是否呈現不對稱效果，則關注有限。為此，本研究遂以2012年至2022年台灣上市公司為樣本，剔除金融保險業及資料不齊樣本後，建構面板資料，並採固定效果模型並控制公司特性進行實證分析。研究中以Tobin’s Q、ROA及P/E Ratio作為公司價值與績效之衡量指標，並納入女性董事比例、景氣虛擬變數及其交乘項作為主要自變數。景氣條件以GDP、CPI與失業率三項指標綜合判斷，建立五種不同版本之「總經良好」虛擬變數以進行穩健性測試。
實證結果顯示，在總體經濟狀況良好時，女性董事對公司價值的正向影響反而略為提升，惟在不同景氣條件定義下，交乘項之估計方向並不一致。部分模型呈現與預期一致的負向關係，亦有模型呈現相反方向之正向效果，顯示女性董事對公司價值的調節效果尚未展現一致性的實證趨勢，其在景氣循環中的角色仍待進一步驗證。本研究結果亦提供女性董事治理效果可能因經濟環境而異的初步實證佐證。研究最後亦討論內生性問題與樣本選擇偏誤之可能限制，期待未來能改善並提升研究結果之解釋力與應用價值。本研究具體貢獻在於：一、補充性別多元與總經因素交互影響之研究缺口；二、提出女性董事影響力具有景氣循環調節性之新穎假說；三、提供企業於不同總體經濟條件下規劃董事會組成之策略建議。

This study investigates the impact of female board representation on firm value, with a particular focus on how this relationship may vary across different phases of the economic cycle. While prior literature has widely explored gender diversity in corporate governance, limited attention has been paid to its interaction with macroeconomic conditions. To address this gap, the study utilizes a panel dataset of publicly listed companies in Taiwan from 2012 to 2022, using a fixed effects model, controlling for firm characteristics, excluding firms in the financial sector and those with incomplete data.
Firm value is measured using Tobin’s Q, return on assets (ROA), and the price-earnings (P/E) ratio. The core independent variables include the proportion of female directors, multiple versions of a good economy dummy (based on GDP growth, CPI, and unemployment rate), and their interaction terms.
The results suggest that female board representation is generally associated with higher firm value and performance, consistent with Hypothesis 1. Although statistical significance is limited, the directionality implies potential governance benefits. Interaction effects further indicate that this positive impact may be more pronounced during economic downturns, supporting Hypothesis 2 in specific models. Overall, the findings point to a context-dependent role of board gender diversity and imply its potential value as a governance mechanism under adverse economic conditions.

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